ASX-listed shares of James Hardie slide on plans to acquire US firm AZEK

James Hardie Industries

23/03/2025 23:45

** Australia-listed shares of James Hardie Industries JHX.AX fall 10.3% to A$42, their lowest levels since Nov 7, 2023

** Stock among top five losers in the benchmark ASX 200 index .AXJO

** The fibre cement maker to acquire outdoor products manufacturer AZEK Company AZEK.N in a cash-and-stock deal valued at $8.75 billion

** AZEK shareholders to receive $26.45 in cash and 1.0340 James Hardie shares to be listed on the New York Stock Exchange for each AZEK share, representing a 37.4% premium to AZEK's last close

** Co intends to fund cash portion of transaction through debt financing and has secured a fully committed bridge financing facility

** Stock down 15.1% YTD, lagging behind a 3.1% fall on AXJO index

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))